All existing Ethereum smart contracts work on ParaState’s Ewasm VM (Pallet SSVM) without any change. ParaState expands the developer ecosystem by supporting 20+ programming languages to create Ethereum-compatible smart contracts. Examples include generic programming languages such as Solidity, Fe, Rust, and JavaScript, and domain specific languages (DSLs) such as MOVE, DeepSEA, and Marlowe.

Substrate-based blockchains, such as Polkadot parachains, already enjoy much higher TPS (transactions per second) than Ethereum. For a smart contract platform, compute performance is more important than TPS throughput. ParaChain utilizes the SSVM, recognized by IEEE Software as the fastest software execution sandbox, to execute smart contracts.

ParaState provides a smart contract virtual machine (VM) for all Substrate-based blockchains. ParaState’s Pallet SSVM is a leading implementation of Ethereum flavored WebAssembly (Ewasm). By installing the Pallet, any Substrate blockchain can become Ethereum-compatible while taking full advantage of the modern WebAssembly ecosystem. The Pallet SSVM development is partially funded by a grant from the Web3 Foundation, and the team consists of Substrate Ambassadors.

ParaState comes with core DeFi infrastructure built-in, including the Uniswap exchange, stable coins, lending protocols, as well as price oracles. Those Ethereum DeFi software applications are already ported and adapted to ParaState’s Ewasm VM to enjoy higher performance and interoperability with the WebAssembly ecosystem.

ParaState pioneers an innovative model for sustainable and decentralized open source software development. All Substrate blockchains that utilize the Pallet SSVM agree to collect a percentage of gas on all Ewasm transactions, and contribute it to a developer treasury managed by the ParaState foundation. The STATE token from ParaState is “backed by” a basket of native parachain tokens contributed to the developer treasure as ParaState gains developer adoption and use.